If this is your personal home and not investment or business property, it would not be deductible. However, this is considered an improvement which adds to your adjusted basis of the property. If you later sell the property, the amount you paid for the garage has the effect of reducing any gain you may have on the sale of the property.

Let me know if this is rental or business property and I will give you the appropriate procedure of that type of property.

It is a personal home. I just had my taxes done today by a profesional and won't get my forms until tomorrow. I was just wondering how he treated this expense? So there was no direct effect on my taxes this year?

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with. OrvilleHesperia, California

Ask a Tax Professional

Get a Professional Answer. 100% Satisfaction Guaranteed.

109 Tax Professionals are Online Now

Type Your Tax Question Here...

characters left:

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.